Basware, a global leader in accounts payable (AP) automation and invoice processing, has announced the launch of its new product, AP Protect.
This AI-powered solution is designed to bolster finance teams, enabling them to shield their organisations from profit loss, invoice errors, and fraud.
In 2023, Basware identified 10,800 incorrect payments in supplier invoices attributed to duplicates and fraudulent activities. These errors, once rectified, recovered a substantial $191m from a total expenditure of $245bn. This initiative has highlighted the critical need for robust fraud prevention measures within AP processes, especially as businesses annually lose significant amounts due to these inaccuracies.
Basware is a frontrunner in providing comprehensive solutions for AP automation and invoice management. By streamlining these essential business functions, Basware helps companies enhance their operational efficiencies and financial transparency across global platforms. Their systems are designed to mitigate the common challenges faced in invoice processing through advanced technological integration.
The AP Protect by Basware utilizes more than 800 algorithms alongside real-time monitoring to pinpoint potential errors and fraudulent activities before they affect the bottom line. It is specifically crafted to reduce ‘false positives’, ensuring that transactions flagged as suspicious are truly worthy of further investigation. This precision aids finance leaders in maintaining their working capital and navigating through economic uncertainties more confidently.
AP Protect is not just a fraud detection tool; it is a comprehensive solution that prevents overpayments and identifies dubious vendor activities through meticulous invoice analysis. The system’s vendor analysis feature also helps in cleaning up the vendor master data, removing root causes of overpayments and fraud.
Following the acquisition of Glantus last year, Basware has significantly strengthened its capabilities in combating profit loss and invoice fraud. AP Protect represents a strategic enhancement to Basware’s robust suite of AP solutions, extending its coverage across the entire invoice lifecycle for superior fraud prevention and financial integrity.
Basware CEO Jason Kurtz said, “Fraud and profit loss are keeping CFOs up at night, as they struggle to protect their organisations from the rising tide of financial risks. AP Protect safeguards AP processes to remove these pressures and maintain the highest standards of financial integrity. By detecting transactions for potential errors and fraud risks during the invoicing process, money is protected from a company’s bottom line.”
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